Daily deals website Groupon stock witnessed huge demand and strengthened by 25% after the company announced second quarter earnings, which were as per analyst expectations. Groupon is also considering a stock buyback and the news gave boost to investor sentiment.
Groupon Inc. registered billings of $1.38 billion compared to $1.4 billion as expected by a panel of market analysts. The company registered 30 per cent rise in billings compared on year over year basis. The company posted revenue of $608 million.
The company has appointed Eric Lefkofsky as CEO of the company. Eric has been managing the company since February 2013. Some market experts are also considering this as a major step in the right direction for the company. They are also considering the rise in North American billing as a turnaround for the company. Lefkofsky owns 17% common stock in the company and has 26% shareholder voting rights.
The company launched Groupon Reserve in July 2013, a service that gives option to consumers to book a table at their favorite restaurant at discounted rates. The company sends emails with daily discounts and deals for lifestyle, food and business.
Groupon Stock was at 10.97 (25.82% higher) and also touched yearly high of $11.22 in the trading session. Volume was 5 times higher at 68.3 million compared to usual volume of 14.7 million.
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